Iranian cleric threatens to DESTROY Saudi and Israel over sanctions

Leticia Stanley |Wednesday, November 07, 2018

While sanctions on Iran may remain highly effective for a year or so it is highly unlikely they will continue to do so in their current form. Reuters

The move will restore U.S. sanctions that were lifted under a 2015 nuclear deal negotiated by the administration of President Barack Obama, and add 300 new designations in Iran'soil, shipping, insurance and banking sectors.

"We are in the war situation", President Hassan Rouhani said in a television address as the sanctions snapped into place.

"We're not simply going to be content with the level of sanctions that existed under (former US President Barack) Obama in 2015", Bolton said in an interview on Fox Business Network, according to a transcript. "I don't think that in the history of America, someone has entered the White House who is so against law and global conventions", he added.

"Treasury's imposition of unprecedented financial pressure on Iran should make clear to the Iranian regime that they will face mounting financial isolation and economic stagnation until they fundamentally change their destabilizing behavior", U.S. Treasury Secretary Steven Mnuchin said in a statement.

Although commentators have suggested that the latest round of sanctions will hurt Iran, Sajjadpour suggested that they would have a limited impact. The Trump administration granted waivers to China and seven other major buyers so they can continue buying some Iranian crude.

While Iran's crude exports could fall to little more than 1 million barrels per day (bpd) in November, traders and analysts say that figure could rise again from December as importers use their waivers to order crude from Iran.

More than 700 individuals, entities, aircraft, and vessels were blacklisted, including 50 Iranian banks and their domestic and foreign subsidiaries. In excess of 300 entities who were blacklisted are new designations.

In August, the European Commission revamped its Blocking Statute, a 1995 law created to help European companies and banks recover damages arising from UnitedStatessanctions on third parties.

His comments came hours after the Trump administration restored all sanctions lifted under the 2015 nuclear deal, targeting core parts of Iran's economy.

World oil markets were on alert, nervously set to gauge the consequences of the sanctions.

A vessel carrying soybeans has left the United States for Iran for the second straight week, a Bloomberg report said on Tuesday, a day after Washington made a decision to reinstate all its sanctions against Tehran.

Support from Iran and Russian Federation has allowed the regime of dictator Bashar al-Assad to remain in power. But the sword has two edges: Iran is also the OPEC cartel's third-largest producer.

"Unfortunately, we were treated dishonorably by both the American and Iranian governments", said Fereshteh Safarnezhad, a 43-year-old teacher, on the streets of Tehran. Japan and South Korea have mutual defense treaties with the USA and have a key part in the North Korea denuclearization initiative.

Rouhani said even without the waivers Iran would still be able to sell its oil, semi-official Tasnim news agency reported.

The three countries combined produced more than 33 million barrels per day (bpd) for the first time in October, meaning they alone meet more than a third of the world's nearly 100 million bpd of crude oil consumption.

Officials say the sanctions, other than putting Iran's economy under some strain, are also an opportunity to wean it off oil and diversify the country's sources of income.

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